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Released May 03, 2021 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
PRODUCTION
Continental Resources to Ramp Up Bakken Production - Shale oil producer Continental Resources (NYSE:CLR) on Thursday said it will ramp up activity in North Dakota's Bakken Shale this year as it shifts more of its production operations to crude oil from natural gas. The company said roughly 70% of its well completions in the second half of the year will be focused on the Bakken, versus about 50% of completions at the start of the year. (Reuters)
U.S. Oil & Gas Drillers Add Rigs - The U.S. oil and gas rig count rose two to 440 in the week ending April 30, its highest since April 2020. That was the sixth time the count increased in the past seven weeks and put the total number up 32, or 8%, over this time last year. U.S. oil rigs fell one to 342 this week, while gas rigs rose two to 96, their highest since April 2020. (Reuters)
EARNINGS REPORTS
Chevron First-Quarter Earnings Slip - Chevron Corporation (NYSE: CVX) reported earnings of $1.4 billion for first-quarter 2021, compared with $3.6 billion in first-quarter 2020. (BusinessWire)
PIPELINES
North Carolina Again Denies Permit for Mountain Valley Pipeline Extension - The North Carolina Department of Environmental Quality (DEQ) again denied Mountain Valley Pipeline's (MVP) request for a water permit for its proposed Southgate natural gas pipeline project from Virginia to North Carolina. The DEQ first denied MVP's request in August 2020. MVP appealed that decision to the U.S. Court of Appeals for the Fourth Circuit, which remanded the case back to the DEQ to "explain why the Department chose denial over conditional certification." The DEQ said in its second denial on Thursday that conditional approval "does not provide the reasonable assurance of compliance with water quality requirements." (Projects 300447483, 300447486) (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
PRODUCTION
Continental Resources to Ramp Up Bakken Production - Shale oil producer Continental Resources (NYSE:CLR) on Thursday said it will ramp up activity in North Dakota's Bakken Shale this year as it shifts more of its production operations to crude oil from natural gas. The company said roughly 70% of its well completions in the second half of the year will be focused on the Bakken, versus about 50% of completions at the start of the year. (Reuters)
U.S. Oil & Gas Drillers Add Rigs - The U.S. oil and gas rig count rose two to 440 in the week ending April 30, its highest since April 2020. That was the sixth time the count increased in the past seven weeks and put the total number up 32, or 8%, over this time last year. U.S. oil rigs fell one to 342 this week, while gas rigs rose two to 96, their highest since April 2020. (Reuters)
EARNINGS REPORTS
Chevron First-Quarter Earnings Slip - Chevron Corporation (NYSE: CVX) reported earnings of $1.4 billion for first-quarter 2021, compared with $3.6 billion in first-quarter 2020. (BusinessWire)
PIPELINES
North Carolina Again Denies Permit for Mountain Valley Pipeline Extension - The North Carolina Department of Environmental Quality (DEQ) again denied Mountain Valley Pipeline's (MVP) request for a water permit for its proposed Southgate natural gas pipeline project from Virginia to North Carolina. The DEQ first denied MVP's request in August 2020. MVP appealed that decision to the U.S. Court of Appeals for the Fourth Circuit, which remanded the case back to the DEQ to "explain why the Department chose denial over conditional certification." The DEQ said in its second denial on Thursday that conditional approval "does not provide the reasonable assurance of compliance with water quality requirements." (Projects 300447483, 300447486) (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
